Unlike some of its African peers that have moved aggressively to loosen policy, South Africa has opted for caution, holding its benchmark rate steady as inflation risks ease but global uncertainty persists.
The South African Reserve Bank paused its easing cycle as widely expected, keeping its benchmark interest rate at 6.75 percent — the first hold since September 2025 — amid a slightly improved inflation outlook and a firmer currency.
The six-member Monetary Policy Committee (MPC) voted four-to-two in favour of holding rates, with two members preferring a 25 basis point cut, SARB’s governor Lesetja Kganyago said at a briefing in Pretoria on Thursday.